Shown below is activity for one of the products of Big Oil:
January 1 balance, 400 units @ $75 for a total of $30,000
Purchases
January 10 550 units @ $45
January 20 1,000 units @ $52
Sales:
January 12 800 units
January 28 725 units
a. Compute the ending inventory and cost of goods sold assuming Big Oil uses FIFO.
b. Compute the ending inventory and cost of goods sold assuming Big Oil uses LIFO and a perpetual inventory system.
c. Compute the ending inventory and cost of goods sold assuming Big Oil uses average cost and a perpetual inventory system.
d. Compute the ending inventory and cost of goods sold assuming Big Oil uses average cost and a periodic inventory system.
e. Compute the ending inventory and cost of goods sold assuming Big Oil uses LIFO and a periodic inventory system.